An intensification of hostilities after a top Iranian military commander killed by U.S. airstrike may perhaps send tremors through the global economy, as per the economists.
Qassem Soleimani, who was heading the Iran’s Islamic Revolution Guard Corps’ called Quds Force, was killed in Baghdad by an airstrike with the order of President Donald Trump, according to the press release of Department of Defense. The Defense Department also states that Soleimani has been actively planning to attack American diplomats and service members across the region.
According to several economists, assassination of Qassem Soleimani, a major figure in the Iranian regime, in a U.S. airstrike significantly raised the chances of an outright conflict between the U.S. and Iran. The outbreak of war between Iran and the US can cause the downfall of the global economy.
Furthermore, one of the major concern for the global economy is that the geopolitical events have turned out of control as well as the United States launching a full-scale military assault over Iran will not only collapse the Iran’s economy but also result in dragging down the global by nearly 0.3 percent. The damage predicted is equal to the damage done to the global economy by the U.S-China trade war.
While the world shares have already seen a surge including the prices of gold and crude futures, the U.S Stock futures collapsed heavily losing the confidence of businesses and investors.
Another major concern for the global economy would possibly be up surging oil prices, as in counter-attack Iran could try to close off the Strait of Hormuz, a significant pathway for more than one-fifth of the global petroleum liquids consumption. In such an instance, there are chances of Brent crude prices rallying to $150/ barrel, driving the inflation to more than 3.5 percentage in OECD (Organization for Economic Co-operation and Development) countries.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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